Form 1099-MISC: Box-by-Box Explanation of IRS 2023 Reporting Requirements | Product

Form 1099 reporting of vendors and others for a very wide range of payment types requires filing IRS Form 1099-MISC – the “Miscellaneous Income” 1099. With 18 boxes for data and its reporting rules dictated by multiple sections of the tax regulations, Form 1099-MISC is not a simple compliance task. Join this webinar for essential information to help you navigate the 1099-MISC reporting requirements:

• What must be reported as “Other Income” in Box 3?
• Are you coding correctly to catch all of the types of payments reportable as “Rent” in Box 1?
• How do you define “Royalties” required to be reported in Box 2?
• When would there be federal income tax withheld and reported in Box 4?
• How are medical and health care payments in Box 6 different from what’s reportable on the Form 1099-NEC?
• Precisely what does “direct sales” mean for Box 7?
• What are Box 10 “Gross proceeds paid to an attorney” and how do we identify them in our system?
• Why are there two separate Boxes 5 and 11 relating to the fishing industry?
• What’s the role of Boxes 12, 14 and 15 for deferred income and golden parachutes?
• Why are there state information boxes and what does the IRS do with that data?

Learning objectives:

• Identify all types of payments reportable on IRS Form 1099-MISC
• Identify payees that are exempt from being reported on the 1099-MISC